MUMBAI – Precious metal prices recorded a marginal decline on April 25, 2026, as a strengthening US dollar and persistent geopolitical instability weighed on the market. Despite the slight cooling, gold remains at elevated levels, with 24-carat rates holding above the Rs 1.54 lakh mark in major Indian metros.
Current Market Rates
In Mumbai, the price for 24-carat gold is currently Rs 1,54,050 per 10 grams, while 22-carat gold—commonly used for jewelry—is retailing at Rs 1,41,210. It is important for buyers to note that these figures represent base prices and do not include Goods and Services Tax (GST) or jewelry making charges.
Silver has followed a similar downward trend, with spot prices in Mumbai recorded at Rs 2,59,800 per kg.
Regional Price Variance
Gold prices vary slightly across India due to local taxes and demand:
- Delhi & Jaipur: Rs 1,54,200 (24K) | Rs 1,41,360 (22K)
- Ahmedabad: Rs 1,54,100 (24K) | Rs 1,41,260 (22K)
- Southern Metros (Chennai, Bengaluru, Hyderabad): Rs 1,54,050 (24K) | Rs 1,41,210 (22K)
The Geopolitical Influence
Market analysts attribute the current volatility to the “risk-off” sentiment triggered by tensions in West Asia. Jateen Trivedi, VP Research Analyst at LKP Securities, noted that developments involving Iran, Israel, and the strategic Strait of Hormuz are the primary drivers of price action.
The broader impact of these regional conflicts is also being felt in other sectors, such as the beverage industry, where a shortage of aluminum for cans has begun to affect the supply of popular soft drinks.
Global Context
On the international stage, spot gold is trading at $4,708.17 per ounce, while silver has seen a nearly 1% decline, resting at $75.96 per ounce. Experts suggest that until a clear resolution is reached in the Middle East, gold will continue to trade with high volatility based on the daily news cycle.